Policy Administration System – Selection / Implementation / Integration
A new strategic Policy Administration System (PAS) is a major investment for insurance firms of all sizes. Defining a key set of best practices for the selection, planning, integration, implementation and conversion is critical to it's success and should not be underestimated.
There are a number of key questions that need to be answered before starting down this road. Unfortunately, we have found that they rarely are:
- Why do I need a new Policy Admin System?
- Are there more cost effective areas for my investment?
- Does modernization play a role?
- What does the vendor market look like? Can I custom build this? Would I even want to?
Edgewater Technology’s Best Practices for vendor selection and implementation walk our clients through every step of the process, having done numerous product evaluation, implementations, conversion and custom builds we are uniquely placed to assist our clients and “keep the lights on."
Key best practices include:
Ensuring the correct vendor selection with proven methodology and depth of industry knowledge
- Is the technology sustainable? Is the vendor sustainable; what track record?
- How will this integrate with my existing back end systems?
- What is my conversion strategy and timeline?
- What is my implementation strategy? Can I self service?
Effective project and program management
- Effective program management cannot be underestimated in it’s long term value
Setting realistic timeline and goals: Release schedule
- 1 LOB? Key States? Regular phases to keep providing “wins”
Requirements definition
- Gap analysis vs. detailed requirements; Traceability
Application customization and integration
Edgewater Technology can provide the experience and expertise required to not only deliver these projects but also manage the relationships and remove the communication headaches.
